Pump.fun Achieves Record Revenue from Memecoin and AI Frenzy

The token creation platform on Solana, Pump.fun, recently announced its October revenue of $30.5 million, marking the highest amount ever recorded.

Pumpfun Achieves Record Revenue From Memecoin And Ai Frenzy

November 8, 2024 – Pump.fun, the platform that enables anyone to create and launch tokens on the Solana blockchain, has just reported a new record in monthly revenue for October.

In October, Pump.fun’s revenue reached $30.5 million, up 111% from the previous month and surpassing the previous high of $28.64 million set in July. This marks an unexpected rebound for the platform following two consecutive months of revenue decline, which averaged a 29% decrease per month.

Pump.fun Achieves Record Revenue from Memecoin and AI Frenzy
Pump.fun Achieves Record Revenue from Memecoin and AI Frenzy

The primary driver behind this growth has been the significant surge in the value of memecoins—tokens inspired by popular internet memes. Notably, the token MOODENG made a substantial contribution to Pump.fun’s revenue.

Additionally, the “new AI” trend on the market has been another crucial factor. Many tokens issued by Pump.fun, such as Goatseus Maximus (GOAT), Gnon, Fartcoin, and ACT, received “endorsements” from AI chatbots on the social media platform X and reached market capitalizations in the hundreds of millions of dollars.

While some AI-related memecoins have sharply declined from their peaks, purely meme-based products continue to make waves on Pump.fun. A recent example is the token PNUT, inspired by P’nut the squirrel, which was euthanized by New York authorities and has reached a market cap close to $130 million.

With these impressive achievements, Pump.fun once again reaffirms its pioneering role in setting new trends within the Solana blockchain market.

Related: Canary Capital Officially Files for Solana ETF

(6 votes)

5.0/5

(6 votes)

Latest

Crypto Trader James Wynn Loses $99 Million In A Week

News | Altcoin | Editor Choice

Crypto Trader James Wynn Loses $99 Million in a Week

Crypto trader James Wynn lost $99 million in just one week due to failed Bitcoin bets, while another trader made $17 million by taking the opposite positions.

Most Ethereum Etf Investors Deep In The Red

News | Altcoin | Editor Choice

Most Ethereum ETF Investors Deep in the Red

Most investors in BlackRock and Fidelity’s Ethereum ETFs are suffering heavy losses as Ether’s price falls well below their entry levels, amid volatility driven by former President Trump’s trade policies.

Trading Volume On Pancakeswap Reaches $138 Billion, Surpassing Uniswap

Altcoin | Editor Choice

Trading Volume on PancakeSwap Reaches $138 Billion, Surpassing Uniswap

Thanks to strong support from CZ and Binance exchange, PancakeSwap's trading volume in May reached $138 billion, far surpassing Uniswap.

Deepseek Unveils Upgraded Ai Model, Claims Performance On Par With Chatgpt And Gemini

News | AI | Editor Choice

DeepSeek Unveils Upgraded AI Model, Claims Performance on Par with ChatGPT and Gemini

DeepSeek, a leading AI company in China, has unveiled a powerful new model with advanced reasoning capabilities, claiming performance on par with ChatGPT and Gemini, further intensifying the global AI race.

Sec Officially Withdraws Lawsuit Against Binance And Cz

Editor Choice | Policy & Regulations

SEC Officially Withdraws Lawsuit Against Binance and CZ

The SEC has officially withdrawn its lawsuit against Binance and CZ, concluding the final legal actions by the SEC targeting cryptocurrency.